Error Costs French Bank

PARIS -- The French finance ministry ordered an audit of all the country's banks after Groupe Caisse d'Epargne, a 190-year-old bank regarded as one of France's safest financial havens, said it lost &euro;600 million ($808.1 million) on a "trading mistake."

The announcement, the third incidence of irregular trading disclosed by a French bank in little more than a year, risks undermining efforts by France and other governments world-wide to restore confidence in the global financial industry.